If I need a minimum of 384 Watts then will a 500 Watt PSU be good enough?

just make sure its a quality unit, some cheap units may have a 500w sticker on them, but it doesnt mean they can produce that continuously or with clean power, or is sometimes a "peak" value. Known go-to good brands are Antec, Seasonic, XFX and Corsair, they generally always produce decent quality units that can produce their rated output under continuous load. 500w is good as it allows for some upgrade room, but not too much that your running the psu out of its optimal efficiency range.